Needing care: Industry revenue will continue to grow as the population ages

Government funding for industry services has come under intense scrutiny in recent years. Funding changes have pressured the industry and driven revenue down from 2013. Over the five years to 2018, industry revenue is expected to decline at an annualized rate of 0.5% to $28.1 billion. However, as hospice providers adjust to these regulations, demand has begun to return to growth, resulting in an expected 2.1% revenue increase in 2018. Sources of industry demand will likely continue to escalate as the population ages and the popularity of home healthcare grows. However, the payment reductions are expected to cause significant profit losses across the industry over the next five years...purchase to read more.

Industry Statistics & Market Size
Revenue
$28bn
Annual Growth 13-18
-0.5%
Forecast Growth 18-23
Profit
Employment
360,711
Businesses
3,653
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • Sources of industry demand will likely continue to escalate as the population ages and the popularity of home healthcare grows
  • In response to increasing regulation, consolidation has been prevalent
  • Industry demand will likely escalate alongside the elderly proportion of the population
  • Industry Report - Industry Key Buyers Chapter

    The Hospices and Palliative Care Centers industry is highly fragmented, composed of large national corporations, smaller community-based organizations and nonprofits, which account for about 34.0% of industry operators. The industry's two largest companies combine to account for only 7.7% of total industry revenue. As regulation has increased throughout the healthcare sector, healthcare providers have increasingly looked toward consolidation. As a result, many hospice centers have merged and consolidated to maintain negotiating power and keep costs low. Over the five years to 2018, the number of companies in the industry is expected to fall at an annualized rate of 1.6%...purchase to read more.

    Additional Insights for the Hospices & Palliative Care Centers Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Hospices & Palliative Care Centers Industry are

  • Ability to take advantage of government subsidies and other grants
  • Ability to attract local support and frequent referrals
  • Recommendation/accreditation from authoritative sources
  • IBISWorld analysts also discuss how external factors such as Federal funding for Medicare and Medicaid and Number of adults aged 65 and older in the Hospices & Palliative Care Centers industry impact industry performance..

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    What's in this report

    What is the Hospices & Palliative Care Centers Industry?

    This industry provides programs that offer symptom relief and pain management for patients with life-terminating illnesses. Hospice care applies to companies that administer care (in terms of comfort rather than cure) to patients with life-limiting illnesses or diseases. Nonhospice palliative care is provided to individuals with serious, complex illnesses who may or may not be expected to recover fully; this segment is excluded from this industry.

    Industry Products
  • Private residence care
  • Hospice inpatient care
  • Hospital inpatient care
  • Nursing home and residential facility care
  • Industry Activities
  • Providing continuous home care
  • Providing general inpatient care
  • Providing routine home care
  • Providing inpatient respite care
  • Providing hospice and palliative care
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Federal funding for Medicare and Medicaid
  • Number of adults aged 65 and older
  • Number of people with private health insurance
  • Per capita disposable income

  • Current Performance
  • Hospice and Medicare
  • Growing demand
  • Chart: Revenue Growth

  • Industry Outlook
  • Demand stays strong
  • Funding woes
  • Table: Hospices & Palliative Care Centers Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Hospices & Palliative Care Centers Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Life Insurance & Annuities
  • Health & Medical Insurance
  • Primary Care Doctors
  • Hospitals
  • Nursing Care Facilities

  • Key Selling Industries
  • Brand Name Pharmaceutical Manufacturing
  • Employment & Recruiting Agencies
  • Generic Pharmaceutical Manufacturing
  • Medical Instrument & Supply Manufacturing
  • Medical Supplies Wholesaling

  • Products & Services
  • Private residence care
  • Nursing home and residential facility care
  • Hospice inpatient care
  • Hospital inpatient care
  • Other
  • Chart: Hospices & Palliative Care Centers Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Over 85 years
  • 75 to 84
  • 65 to 74
  • Less than 64 years
  • Chart: Major Market Segmentation for the Hospices & Palliative Care Centers Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Purchases
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Hospices & Palliative Care Centers

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Hospices & Palliative Care Centers Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Hospices & Palliative Care Centers Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Hospices & Palliative Care Centers Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Federal funding for Medicare and Medicaid (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Hospice
  • Hospice provides medical care, pain management and emotional and spiritual support for patients with a life-limiting illness and their family and loved ones.
  • Medicare
  • Medicare provides health insurance coverage for adults over the age of 65, for the disabled and for those who have kidney failure and require dialysis.
  • Palliative Care
  • Palliative care extends hospice care to incorporate patients earlier in their illness; it addresses physical, emotional, social and spiritual pain.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s industry research report on Hospices & Palliative Care Centers can be used to help you understand the industry’s market size, growth potential and major companies. Five-year forecasts provide insight into the industry’s prospects, so you can make decisions with confidence. This information is perfectly suited to informing your business plans, pitch books, benchmarking and SWOT analysis.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Hospices & Palliative Care Centers:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Hospices & Palliative Care Centers market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Hospices & Palliative Care Centers, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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